Heat Recovery Wheels Market REPORT OVERVIEW
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The global heat recovery wheels market size was USD 259.8 million in 2021 and is projected to touch USD 398.49 million by 2031, at a CAGR of 4.4% during the forecast period.
The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The primary function of heat recovery wheels is to recover waste heat energy from engine exhaust like natural gas, water vapour, or air streams. This energy can then be applied to a variety of tasks like heating structures or drying procedures that demand high temperatures for prolonged periods of time. The equipment also seems to be exchanger that increases energy efficiency by transferring heat from exhaust air to supply air.
Through a reduction in the requirement for cooling and heating, HRWs are intended to maximise energy efficiency in buildings. They accomplish this by heat transferred from warm exhaust air leaving the system to cool supply air flowing in (cold). The ventilation air that is sent straight into a structure's conditioned space can be preheated or cooled using HRWs.
Heat exchangers called heat recovery wheels (HRWs) are used to move latent and sensible power through one airflow to another. Instead of squandering the waste heat or utilising an ineffective traditional cooling system, this technique utilises the same waste sources of heat but redirects it into a new use. The most typical versions include desiccant material-filled rotors that can both absorb and release water vapour. The most successful and efficient method of heat recovery currently in use is this one.
COVID-19 Impact: Increased Usage by HVAC Sector in Lockdown to Facilitate Market Advancement
The COVID-19 epidemic is having negative effects on the entire world, and the abrupt lockout at the manufacturing facilities has eventually had an influence on the manufacture of the equipment. According to numerous secondary sources, the reduced installation of recovery wheels as well as a shortage of labour also caused the HVAC companies to lose their seasonal sales. Numerous industries are impacted by the coronavirus and did experience significant declines during the second quarter of 2020. Due to the use of heat recovery wheels in many different industries, HVAC is among the less impacted businesses. As a result, heat recovery wheels market share is positively impacted.
LATEST TRENDS
"Green Building Standards to Stimulate Market Development"
The market for recovery wheels is being helped by the increasing movement toward the development of green buildings. This is a result of residents growing concern for their health brought on by an increase in dangerous pollutants. The U.S. Green Building Council (USGBC) asserts that environmentally friendly and healthier structures that are streamlined with helpful ventilation can increase return on investment (ROI) by a higher proportion. As a result, it is projected that the market for the equipment will expand greatly in the future. Important suppliers are now matching their products with green building standards. For instance, the American company Airxchange company sells goods that are energy-efficient enough to qualify for green building standards. Therefore, the market for heat recovery wheels is anticipated to benefit from the increasing development activities for green buildings around the world.
Heat Recovery Wheels Market SEGMENTATION
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- By Type
Based on type; the market is divided into condensation rotors, hygroscopic rotors and sorption rotors
Condensation rotors type is the leading part of the type segment.
- By Application
Based on the application; the market is divided into residential, commercial and industrial
Residential is the leading part of the application segment.
DRIVING FACTORS
"High Airflow Consistency to Aid Market Expansion "
The ventilation systems of many HVAC systems must be used to bring in significant amounts of outside air. These systems continuously swap contaminated (but cooled) air flow with make-up air (outdoor fresh air). This technique uses a lot of energy and is consequently very expensive. Energy recovery devices, such as recovery wheels, could be added into the design of these systems to increase their efficiency by transferring some of the energy from the emitted temperature and relative humidity to the coming airflow. Still no instrument can return quite so much heating and cooling as they can; they are by far the most efficient way to transport heat. Other heat exchangers are incapable of handling such big air volumes.
"Increase in Efficient Indoor Air Quality to Foster Industry Progress "
Air quality is a significant issue that is currently receiving recognition. The hygiene, brain ability, production, and wellbeing of those who live indoors are negatively impacted by poor indoor air quality (IAQ). Therefore, it is projected that the market will be driven by demand for recovery wheels because it has the ability to constantly switch out stale interior air for fresh outdoor air. Additionally, it can reduce carbon footprints, remove contaminants like excess moisture and home chemicals, improve energy efficiency, and more.
RESTRAINING FACTORS
"Difficult Installation to Hinder Market Advancement"
The increasing awareness of air quality is driving up demand for the equipment. The market expansion is being restrained, meanwhile, by difficult installation processes. When installing an energy recovery ventilator in an ancient building where there isn't optimal room for wheels to be installed, it can be difficult. Furthermore, inappropriate placement of such systems might reduce outdoor air absorption and airflow obstructions that lead to the absorption of contaminated air. Additionally, the planning and placement of these systems necessitate a sizable amount of air ducting.
Heat Recovery Wheels Market REGIONAL INSIGHTS
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"Increasing Consumption by Industries to Foster Market Advancement in North America"
North America is anticipated to continue to dominate the heat recovery wheels market for the duration of the projected period. When it comes to implementing HVAC systems throughout buildings and other facilities. Governmental entities provide foreign direct investment (FDI) programmes that are advantageous to manufacturers. In order to help the market to develop, producers are concentrating on producing a variety of types, including condensation rotors, hygroscopic rotors, and sorption rotors. These systems regulate the quality of the air and humidity to create a secure and healthy indoor atmosphere as North America mostly has a humid climate. Therefore, fostering the advancement of heat recovery wheels market growth.
KEY INDUSTRY PLAYERS
"Prominent Players in the Industry to Promote Market Expansion"
The strategies used by market participants in recent years, such as extensions, had a substantial impact on the market's expansion. The study includes information and specifics about the businesses and how they engage with the market. Through suitable research, technological developments, expansions, and expanding machinery and equipment, the data is acquired and published. The companies who create and offer new products, the regions in which they operate, mechanisation, innovation methods, making the most money, and using their products to significantly impact society are other factors taken into account for this market.
List of Market Players Profiled
- Pahwa Group(Bry-Air and DRI) (India)
- Ostberg (India)
- Hoval Group (U.K.)
- Klingenburg (U.S.)
- Eri Corporation (Italy)
- Greenheck (U.S.)
- FlaktGroup SEMCO (U.S.)
- NovelAire (Louisiana)
- HEATEX (Sweden)
- Seibu Giken (U.S.)
- Airxchange (U.S.)
REPORT COVERAGE
The report's in-depth analysis of the restraints illustrates how they differ from drivers and leaves potential for tactical planning. The factors that hinder market expansion are crucial because they can be recognised to create new strategies for seizing the profitable chances that are available in the constantly expanding industry. In order to better comprehend the market, perspectives from industry experts have also been taken into consideration. The status of market development and global market trend for the equipment are also studied in the report. In order to conduct a thorough analysis and show the market's characteristics and prospects, it also divides the heat recovery wheels market into segments based on type and applications.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 259.8 Million in 2021 |
Market Size Value By |
US$ 398.49 Million by 2031 |
Growth Rate |
CAGR of 4.4% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the heat recovery wheels market expected to touch by 2031?
Based on our research, the heat recovery wheels market is projected to touch USD 398.49 million by 2031.
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What CAGR is the heat recovery wheels market expected to exhibit by 2031?
The heat recovery wheels market is expected to exhibit a CAGR of 4.4% by 2031.
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Which are the driving factors of the heat recovery wheels market?
High Airflow Consistency and Increase in Efficient Indoor Air Quality are the driving factors of the heat recovery wheels market